Dairy Farmerโข Seeks Financial โขguidance Amid Debt and Healthcare Costs
WASHINGTON – A 63-year-old dairy farmer is seeking advice on โฃnavigating debt, healthcare coverage,โค and estate planning for her family farm, highlighting โthe financial pressures facing agricultural workers as thay approach retirement.The farmer, whose name has not been released, โฃand her husbandโ previously faced monthlyโ health insurance premiums of $2,000.
The couple is โexploring options for continued health coverage until they become eligible for Medicare. “You’ll need to wait several years to be eligible for Medicare,” explains โfinancial expert Favorito. Chris orestis, president at The Retirement Genius, recommends continuing โขcoverage through the state’s ACA exchange โas the best immediate solution.
Orestis notes that the husband will automatically qualify for Medicare after 24 months of receiving Social โSecurity Disability Income (SSDI). “Once each โof you reach 65,you’ll qualify for Medicare,” heโ stated.
The โfarmer โขis also concerned about โthe โfuture of the farmโ and it’s transferโ to their two sons. Orestis suggestsโ establishing a trust to ownโข the farm, namingโ theโ sons as beneficiaries, to โperhapsโ mitigate future tax and debt complications.
Financial planning โassistance is readily available.Certified Financial Planners (CFPs)โฃ offer proโค bono help, providing guidance on budgeting, retirement income, Social Security, and estate planning. CFPs undergo extensive training, passโค exams, gain practical experience, and adhere to a fiduciary standard.Nonprofitโข credit counselors, accessible through the National Foundation forโ Credit Counseling or โขthe Financial counseling Association of America, can also assist with debt managementโ plans and interest rate โnegotiations.
Readers with concerns about their financial planner orโ seeking aโฃ new one can emailโข questions to picks@marketwatch.com.
